FG sets up inter-agency task force on N5trn AMCON debt recovery

The federal government has formally inaugurated of an inter-agency committee to speedily resolve the challenges in recovering the over N5 trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

Vice President Yemi Osinbajo, who inaugurated the committee at the Presidential Villa in Abuja, called on the members to turn the tide in what has been a rather difficult process where debtors have continued to default in their payment obligations.
“One of the terms of reference is for the committee to prepare a report, giving us a sense of what the timelines would be,” he said.

The committee is headed by the chairman of the Independent Corrupt Practices and other related offences Commission (ICPC), Professor Bolaji Owasanoye.Members of the committee include heads and representatives of agencies such as AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and the Federal Ministry of Justice.

The committee, among other related tasks, is expected to review the status of debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts, and prepare a report, which will include a debt recovery work plan with specific timelines for completion.

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